SM Investments raising stake in Airspeed to 51%

The country’s largest conglomerate, SM Investments Corp., is set to gain a majority control of Airspeed, one of the country’s largest end-to-end logistics solutions and express courier companies.

SMIC obtained approval from its board to increase its stake in the AIC Group of Companies Holding Corp., which operates Airspeed, to 51 percent from the current 35 percent.

This transaction makes Airspeed — which is founded by its chair and president Rosemarie Rafael — a new subsidiary of the conglomerate.

The consideration for the acquisition is less than 10 percent of the total book value of SMIC, the Sy family-led conglomerate said in a disclosure to the Philippine Stock Exchange on Wednesday.